Construction company Salini Impregilo reported weaker-than-expected 2017 results, mainly reflecting sluggish operating cash flow generation and adverse foreign exchange movements that affected the company's reported net financial position. The company's revised 2018-2019 financial targets may result in lower adjusted credit metrics for the same period than in our base case that may not be commensurate with the current ratings. We are therefore placing our 'BB+' ratings on Salini Impregilo on CreditWatch negative. We aim to resolve the CreditWatch once we gain clarity on management's deleveraging strategy in 2018-2019. On March 21, 2018, S&P Global Ratings placed on CreditWatch with negative implications its 'BB+' ratings on Italy-based construction company Salini Impregilo SpA and its debt. On March 15, 2018, Salini Impregilo
